Potential CDMU Multifamily - 76 Rooms - Market Street

Hospitality for Sale
Catylist Listing ID: 30796462
Property Subtypes: Extended Stay
Number of Units: 76 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 1.26 Acres
Sale Price: $12,450,000
Unit Price: $163,815.79 Per Unit
Property Use Type: Business
Name of Establishment: Studio 6
Franchised Business: Yes
Franchise Parent Name: Motel 6
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/25/2022

Overview / Comments

This property is currently operating as a Studio 6 Suites. Located on Market Street this 76 unit extended stay hotel has the potential to convert to 76 efficiency units.
The Hotel is located near entertainment (Carmike Cinemas, Capt Bills Volleyball Courts), Employment areas, Shopping both general retail and grocery (Food Lion, Dollar General, Tienda, City Trends, Walmart, Target). It is near fitness centers (Planet Fitness, Axis Fitness, The YMCA) and Urgent Care Facilities.

This property is located on Highway 17 and has walkability, public transport and two entrances off of Highway 17 for inbound and out bound traffic.

This hotel has gone through renovations and a rebranding recently. Currently Seller plans to finish the remaining 12 units so that all 76 units have a kitchenette, there are four handicap units as well on the ground floor for accessibility. Unit sizes range but the average unit size is 282 sf (23.5*12)

Current zoning is Regional Business. Through a Commercial District Mixed Use or CDMU Use Change, with a set aside for Workforce housing as determined by the HUD High Home Rent Standards, the units which average 282 square feet. (See photos for improvements, ask for access to unlock the proforma for the units) On site guest and facility laundry, vending, guest reception / check in area and managers apartment. The property does not have a stormwater pond and no additions are sought to the structure.

The property has 74 parking spaces, this is amount was a 1:1 but sellers have created two new units out of the manager suite. Additional striping can create the spaces if necessary. No sprinkler system. Electrical upgrades to allow for Stove/hotplate and refrigeration.

There is a consent agreement on use in place, this however with a change of use from hotel to multifamily would cease.

Attachments & Media

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington and New Hanover County
Tax ID/APN: R04914-005-012-000
Zoning: RB
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino
Property Located Between: Cinema and Barclay Hills Drive
Property Visibility: Excellent
Largest Nearby Street: Market Street (Highway 17)
Feet of Frontage: 152
Traffic/Vehicle Count: 62,512
Highway Access: Direct to Highway 17 (Market Street)
Airports: ILM
Area Description: Midtown Market Street, high traffic corridor with Retail, Restaurants, Entertainment, Parks,
Nearby Attractions: Screen Gems Studios, Downtown Wilmington, University North Carolina Wilmington, Carmike Cinemas
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Good
Year Built: 1979
Year Renovated: 2021
Construction/Siding: Block
Exterior Description: Two Story Walk up exterior corridor access
Total Parking Spaces: 74
Parking Type: Surface
Parking Description: Open parking field wrapping the property
Sprinklers: Other
Laundry: Shared
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Package Unit
Internet Access: DSL
Interior Description: Several Room sizes exist on the property. 23.5*12 28.4*12 18.4*12 11*17 Buyers to measure and verify rooms sizes
Zoning Description: Regional Business
Lot Frontage: 150
Lot Depth: 380
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,119 75,870 128,538
Median Age: 27.15 34.14 36.22
Households: 6,234 32,516 55,038
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